{"id":58123,"date":"2025-04-01T20:18:37","date_gmt":"2025-04-01T20:18:37","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/04\/01\/trump-targets-several-trade-issues-from-dairy-to-digital-tax\/"},"modified":"2025-04-01T20:18:37","modified_gmt":"2025-04-01T20:18:37","slug":"trump-targets-several-trade-issues-from-dairy-to-digital-tax","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/04\/01\/trump-targets-several-trade-issues-from-dairy-to-digital-tax\/","title":{"rendered":"Trump targets several trade issues from dairy to digital tax"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Commodities<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">While some issues have long caused friction, much of what the U.S. president says doesn&#8217;t stand up to fact checking<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Apr 01, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"3cd3f0d2-f2cc-45f4-a594-c8e35bba3df4\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=fvJZkwZ8WN19fwmBuukHdw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=_gZSwKMqd9zuD8EsEu3JtA 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=_YE3pgrl7rMavv9u6kjqAg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=tAygmHZ-Kx4OYp7dm0UCNA 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=-TsA9qDEeLXI76oOcq8Smw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=NNnBGX7qAIKSnY9FWyRw_Q 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=bfvGsBDZ9ojBwAQdGJIf7w,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=tPIyjMOvF_EY-FYcr9u2Rg 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=CTQn6eh1l6rfMHmPLFLwmA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/04\/0402-mg-trump.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=QVMrZmftC629ntabDGLzkQ 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">U.S. President Donald Trump gestures while speaking during an executive order signing event in the Oval Office of the White House on March 31, 2025 in Washington, DC.<\/span> <span class=\"credit\">Photo by Andrew Harnik\/Getty Images\/Postmedia files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">On April 2, the United States is scheduled to unveil reciprocal tariffs on a wide array of trading partners, including Canada. Dubbed \u201cLiberation Day\u201d by U.S. President Donald Trump, the measures are meant to even things out with those who, in Trump\u2019s eyes, have unfairly taken advantage of the U.S. with tariffs and other non-tariff barriers.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>So far, there are conflicting reports of how the tariffs will unfold, with some administration officials publicly indicating they will be rolled out country by country and other reports pointing to the possibility of a flat levy of 20 per cent on products from virtually every country.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3371744088020667071609178547027968\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div 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articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Aside from steel, aluminum and autos, which are already facing separate tariffs, here are the issues the U.S. has singled out as problematic in their trade with Canada that could factor in to the Liberation Day announcement, and what economists and trade officials have to say about them.<\/p>\n<h2><b>The trade imbalance<\/b><\/h2>\n<p><strong>What Trump says: <\/strong>He has been widely disparaging of the trade relationship with Canada, repeatedly lamenting that the U.S. subsidizes Canada to the tune of US$200 billion.<\/p>\n<p data-async=\"\"><strong>Reality Check:<\/strong><span class=\"Apple-converted-space\"> There seems to be little explanation for the US$200 billion subsidy figure \u2014 firstly because a trade deficit isn\u2019t a subsidy and secondly because the deficit is only US$100 billion. <\/span>The imbalance in trade, with Canada exporting more to the United States than we import from them, is mostly due to Canada\u2019s exports of oil, natural gas and electricity. According to Statistics Canada, energy products alone made up one third of Canada\u2019s exports to the United States in 2022. The figures also fail to account for services, the flow of human capital and the myriad other ways our economies are intertwined, to mutual benefit.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot14 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories9908936249986230671685560173592576\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.3.3\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8283590966558707333258935690854400\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2><b>Dairy<\/b><b\/><\/h2>\n<p><strong>What Trump says:<\/strong> Canada imposes tariffs on U.S. dairy that are greater than 200 per cent, thereby \u201cripping off\u201d American farmers. Canada \u201chas been ripping us off for years,\u201d he declared from the Oval Office on March 7.<\/p>\n<p data-async=\"\"><strong>Reality Check:<span class=\"Apple-converted-space\">\u00a0<\/span><\/strong>While tariffs applied to U.S. dairy imports above a tariff-free quota are indeed 200-per-cent-plus \u2014 higher than the U.S. applies for its above-quota volumes \u2014 the U.S. does not even export the full amount of tariff-free dairy product to Canada. \u201cTo be clear, no U.S. entity pays these high tariffs currently, and it is difficult to see a situation in which one would \u2014 they still have existing quota room!\u201d analysts at CIBC Capital Markets said in a March 26 note.<\/p>\n<p>Moreover, they said, the US$1 billion of U.S. dairy exports to Canada annually are \u201cextremely lucrative\u201d for U.S. farmers because Canadian consumers pay much higher prices than those in the U.S. This is the result of Canada\u2019s dairy supply management system, developed more than half a century ago. The system does not prioritize cost-cutting and efficiency since marketing boards pay farmers mainly based on their cost of production plus an inflation adjustment.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment3319126702570906576148501635268608\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In addition, there has been less consolidation in Canadian farming, resulting in higher production costs in Canada. These higher costs are passed onto Canadian consumers of dairy products from both Canada and the U.S. \u201cIn a perverse way, Canadian consumers are indirectly subsidizing U.S. dairy farmers,\u201d the CIBC analysts wrote.<\/p>\n<h2><b>Lumber<\/b><\/h2>\n<p><strong>What Trump says:<\/strong> He has lumped his anger about dairy and lumber tariffs together, threatening to act immediately on unfair treatment by Canada. He also said the U.S. does not need any Canadian lumber.<\/p>\n<p data-async=\"\"><strong>Reality Check:<span class=\"Apple-converted-space\"> <\/span><\/strong>There is far from enough lumber produced in the U.S. to meet building demand, according to industry groups, which have said about 30 per cent of softwood lumber used in the U.S. comes from Canada. They warned new tariffs would push up building costs and potentially make homes less affordable. What\u2019s more, Canadian producers already pay duties when they export wood to the United States.<\/p>\n<p>According to the National Association of Home Builders, a new tariff on softwood lumber products from Canada would come on top of an effective 14.5 per cent duty rate that is already in place. A 25 per cent tariff, if imposed by Trump, would push the effective Canadian lumber tariff to nearly 40 per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment1224763669012752686205716481966080\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cThe lumber piece is particularly egregious given the already punitive and unjustified anti-dumping and anti-subsidy (countervailing) duties in place on Canadian lumber flowing into the United States,\u201d William Pellerin, a partner in the international trade practice at law firm McMillan LLP and former deputy director at Global Affairs Canada, said after Trump\u2019s March 7 threats.<\/p>\n<h2><b>The digital services tax<\/b><\/h2>\n<p><strong>What Trump says:<\/strong> Tariffs must be levied on Canada in retaliation for digital sales taxes on technology companies whose services are available to Canadian consumers. The U.S. administration says these taxes penalize American companies and appropriate the American tax base. \u201cOnly America should be allowed to tax American firms,\u201d Trump said in a White House statement.<\/p>\n<p><strong>Reality Check:<span class=\"Apple-converted-space\">\u00a0<\/span><\/strong>Affected companies such as Google parent Alphabet Inc., Facebook owner Meta Platforms Inc., Apple Inc. and Amazon.com Inc. have lobbied against this type of tax for years, arguing that they should not pay taxes in countries where they don\u2019t have a physical presence. But the list of countries imposing such taxes, which includes France, Britain and several European Union nations, has been growing.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment7639029694883262935964286709661696\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Canada\u2019s digital tax regime went into effect last June, retroactive to 2022. Digital companies that earn more than $1.1 billion worldwide are subject to a three per cent tax on Canadian revenues above $20 million. American companies will pay US$500-million a year in digital sales taxes in Canada, according to the White House. This is seen by some trade experts as a potential bargaining chip for Canada to show it is not unwilling to make some concessions.<\/p>\n<section aria-labelledby=\"moreTopicLabel2888009792903028850498036079525888\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" canadian=\"\" oil=\"\" is=\"\" sold=\"\" to=\"\" the=\"\" u.s.=\"\" at=\"\" a=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Canada's push for U.S. market share spectacularly paid off. U.S. imports of Canadian crude have doubled since 2009, while imports from Mexico and Venezuela have declined.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0402-mg-pumpjacks.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=6CcWUu6uVxzW9K3DENBSWA\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0402-mg-pumpjacks.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=FpSDvlZtWKbxWDCfli1AXw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0402-mg-pumpjacks.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=6CcWUu6uVxzW9K3DENBSWA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0402-mg-pumpjacks.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=wx49PjDJRaurLqwIS8p-GQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0402-mg-pumpjacks.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=GVCTMtIv4AVTcgkk3gpFLA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Why Canadian oil is sold to the U.S. at a &#8216;discount&#8217;<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" give=\"\" up=\"\" on=\"\" the=\"\" u.s.=\"\" market=\"\" just=\"\" yet=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Carney, Trump \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/04\/0401-mg-carney-trump.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=3KyuwEclBaqHB-hA-sY7zQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/04\/0401-mg-carney-trump.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=JrXFB46_7KcNiLpe9RSEwA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/04\/0401-mg-carney-trump.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=3KyuwEclBaqHB-hA-sY7zQ, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/04\/0401-mg-carney-trump.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=68X5D2KedVgVfb0z45ldTA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/04\/0401-mg-carney-trump.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=NmqguAjedqrRtxIGrVXmHQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Don\u2019t give up on the U.S. market just yet<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" goes=\"\" oh-for-three=\"\" on=\"\" trade=\"\" knowledge=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"U.S. President Donald Trump with U.S. Secretary of Defense Pete Hegseth in the Oval Office of the White House on March 21, 2025.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/Trump-Hegseth.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=bmNgnmo12SF_snwTgyAdSg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/Trump-Hegseth.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=563SK7RfyexmdPEcySe9bA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/Trump-Hegseth.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=bmNgnmo12SF_snwTgyAdSg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/Trump-Hegseth.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=rtdNs3pdGvULK03TKAiJyg 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2025\/03\/Trump-Hegseth.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=-oUBrs3HlOhBotyMG71xUA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trump goes oh-for-three on trade knowledge<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<h2><b>The banking sector<\/b><\/h2>\n<p><strong>What Trump says:<\/strong> Canada \u201cdoesn\u2019t allow American Banks to do business in Canada,\u201d which upsets him because Canadian banks have a large footprint in the United States.<\/p>\n<p data-async=\"\"><strong>Reality Check:<span class=\"Apple-converted-space\">\u00a0<\/span><\/strong>U.S. banks don\u2019t have a huge presence in Canada, particularly relative to Canada\u2019s six large banks, which dominate most business lines. But they are allowed to set up in Canada and have, indeed, established toeholds here over the years, particularly in investment banking and advisory services. As of February, there were 16 U.S bank subsidiaries and branches operating in Canada, with about $113 billion in assets, representing about half of all foreign bank assets in the country, according to the Canadian Bankers Association.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment776761234834260033951363871277056\" class=\"ad\">\n<p>Advertisement 7<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>That said, a combination of strict regulations and the concentration of large domestic players makes it cumbersome and expensive to expand into retail banking in Canada. In order to become a traditional deposit-taking retail bank that can accept deposits of less than $150,000, a U.S. bank has to set up a Canadian subsidiary, which is required to have its own capital and liquidity structure separate from the U.S parent.<\/p>\n<p>By contrast, Canadian banks, such as Bank of Montreal, Toronto-Dominion Bank, and Royal Bank of Canada, can and have purchased billion-dollar U.S. retail banks with extensive branch networks across America.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p data-async=\"\"><em>\u2022 Email: bshecter@nationalpost.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Trump targets several trade issues from dairy to digital tax<\/a><br \/>\n<br \/>2025-04-01 20:18:37<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Commodities News Economy While some issues have long caused friction, much of what the U.S. president says doesn&#8217;t stand up to fact checking Get the latest from&#8230;<\/p>\n","protected":false},"author":2,"featured_media":58124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-58123","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/58123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=58123"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/58123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/58124"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=58123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=58123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=58123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}